OKE(SH:688308) Zheng Quan Zhi Xing·2025-08-29 22:41Core Viewpoint - The recent financial report of Okoyi (688308) indicates a mixed performance with a slight increase in revenue but a significant decline in net profit, raising concerns about the company's financial health and operational efficiency [1]. Financial Performance Summary - As of the latest report, the company's total revenue reached 603 million yuan, a year-on-year increase of 4.17% [1]. - The net profit attributable to shareholders was 775,400 yuan, reflecting a dramatic year-on-year decrease of 98.71% [1]. - In Q2, total revenue was 302 million yuan, down 4.32% year-on-year, with a net profit of -6.89 million yuan, a decline of 122.77% [1]. - The gross margin was 15.38%, down 41.16% year-on-year, while the net margin was -0.18%, a decrease of 101.72% [1]. - Total expenses (selling, administrative, and financial) amounted to 61.936 million yuan, accounting for 10.26% of revenue, an increase of 24.21% year-on-year [1]. Cash Flow and Debt Analysis - The company's cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 60.59% [4]. - The ratio of interest-bearing debt to operating cash flow over the past three years is 12.95%, indicating potential liquidity issues [4]. - Accounts receivable are notably high, with accounts receivable to profit ratio reaching 853.68% [4]. Business Model and Return on Investment - The company's return on invested capital (ROIC) was 2.17%, indicating weak capital returns, with a historical median ROIC of 11.44% since its listing [3]. - The net profit margin was 4.87%, suggesting low added value in products or services [3]. - The company's performance heavily relies on R&D, marketing, and capital expenditures, necessitating careful evaluation of these investments [3].